Hbm Healthcare Investments Ag Temp · SIX:HBMNE
Hbm Healthcare Investments Ag Temp — HBM Healthcare Investments — Investor Presentation (June 2025)
56 slides from Hbm Healthcare Investments Ag Temp's investor presentation, June 2025
Slide 1: HBM Healthcare Investments
HBM Healthcare Investments U N IQUE IN VE ST M E NTS IN P RIVA T E A N D L ISTED L IF E SCIENCES COM PA NIES JUNE 2025
Slide 2: About HBM Healthcare Investments
About HBM Healthcare Investments 2
Slide 3: Profile
HBM Healthcare Investments Profile Swiss investment company with $2.0 billion assets holding a global portfolio of emerging life sciences companies Unique Investments Portfolio Expertise Swiss-based, permanent Focusing on growth companies Dedicated investment capital, healthcare- companies in the bi
Slide 4: At a Glance
HBM Healthcare Investments At a Glance Registered Shares (CHF) Performance (CHF) 5Y 10Y Total assets 1’670 million Net return Return Return (including Net assets (NAV) 1’545 million distribution) 2025 2024 2023 2022 p.a. p.a. Market capitalisation 1’189 million NAV -8.3% 15.0% -8.3% -21.7% 2.8% 9.0%
Slide 5: Indexed Performance Over 10 Years
HBM Healthcare Investments Indexed Performance Over 10 Years 550 10Y Performance* 500 450 138.9%, 9.1% p.a. 135.8%, 9.0% p.a. 400 125.0%, 8.4% p.a. 58.2%, 4.7% p.a. 350 -0.7%, -0.1% p.a. * Total return, distributions reinvested 300 250 200 150 100 50 0 May-15 May-16 May-17 May-18 May-19 May-20 May-2
Slide 6: Portfolio Highlights Over the last Years
HBM Healthcare Investments Portfolio Highlights Over the last Years Mineralys Therapeutics Closes $40 Million Series A Funding > 25 new private investments >20 IPOs / Listings 14 Trade & Asset sales Positive clinical data 8 market approvals Upcoming catalysts in 2025 Data as of 31 May 2025 6
Slide 7: Proven Track Record of more than 70 Trade Sales and IPOs in 10 Years
HBM Healthcare Proven Track Record Investments of more than 70 Trade Sales and IPOs in 10 Years HKD 783 HKD 195 $1.3 billion $1.9 billion INR 9.5 billion $290 million $210 million $175 million $192 million million Listing on million Acquisition Acquisition IPO on NSE / IPO on IPO on IPO on IPO on IP
Slide 8: Investment Strategy
HBM Healthcare Investments Investment Strategy − Investment focus on companies with innovative platforms and drug Innovation candidates Private and − Portfolio of private and small-cap public companies (generally market Public capitalisation below USD 2 bn) − Investments typically first made in a ve
Slide 9: Investment Approach
HBM Healthcare Investments Investment Approach Investment Approach − Fundamental long with private and public healthcare Bellwethers investments − Bottom-up selection of investments with solid long- Emerging Leaders term growth potential Investments in Listed − Diversified portfolio approach Potenti
Slide 10: Private Equity Investment Process
HBM Healthcare Investments Private Equity Investment Process # companies >700* ~200 ~25 10-15 per annum Investment Comprehensive Investment Deal Sourcing Initial Due Diligence Recommendation / Due Diligence Monitoring / Exit Decision • Appraisal of scientific, Monitoring activities • Company and • D
Slide 11: Public Equity Investment Process
HBM Healthcare Investments Public Equity Investment Process Idea Generation − Appraisal of scientific, technological, regulatory and political trends Due Diligence − Universe of >1,500 healthcare companies (approx. 15% are − Scientific and clinical review: Survey of scientific Idea covered by stock
Slide 12: Deal Sourcing of Private Equity Investments
HBM Healthcare Investments Deal Sourcing of Private Equity Investments HBM as Lead Investor Mineralys Therapeutics Closes $40 Million Series A Funding Backed team Other VCs or BoD relationship Relationship with Direct sourcing / Strategic fund previously founder/ HNWI / Family investments management
Slide 13: Healthcare Sector
Healthcare Sector 13
Slide 14: Attractive Growth Sector with Strong Fundamentals and Drivers
HBM Healthcare Attractive Growth Sector Investments with Strong Fundamentals and Drivers Biotech Outperformed the Market Over Short & Long Term − Healthcare sector’s fundamentals remain intact and are 6400 NASDAQ Biotechnology Index: +2330% (11% p.a.) supportive for further outperformance S&P 500 In
Slide 15: Emerging Biotech Companies as the Backbone of Innovation
HBM Healthcare Emerging Biotech Companies as the Investments Backbone of Innovation Source of Origination for Share of R&D Pipeline by Company Type Novel Active Substances (NAS) Launched Number of NASs 100% 90% 80 80% 70 2019: Overall 70% 56% EBP 60 2024: 60% 63% 50 50% 40 40% 30 30% 20 68% 62% 85%
Slide 16: New and Changing Treatment Modalities - Today and Tomorrow
HBM Healthcare New and Changing Treatment Modalities - Investments Today and Tomorrow «Advanced cell therapies» (CAR-Ts, TILs; stem cells; various other cell types) Gene therapy «RNA therapeutics» (ASOs, RNAi, mRNA, Gene editing rSMs) Next-generation Small Molecules binders: bispecifics, ADCs, fragm
Slide 17: Vivid Environment with High M&A Premiums
HBM Healthcare Investments Vivid Environment with High M&A Premiums 2023-25 Acquisitions 2022 Acquisitions Company Company Date Acquirer Price Premium* Date Acquirer Price Premium* acquired acquired 28.04.25 $3’900m 5% 12.12.22 $27,800m 20% 13.01.25 $14’600m 39% 21.11.22 $1,350m 107% 14.10.24 $2,600
Slide 18: Notable Biopharma LOEs of >$400bn from 2025-2033
HBM Healthcare Notable Biopharma LOEs of >$400bn Investments from 2025-2033 $90bn Otezla; $3bn $80bn Lynparza; $3bn Takhzyro; $2bn Tepezza; $3bn Dolutegravir; $3bn Imbruvica; $3bn Vyndaquel Calquence $70bn $6bn $5bn Trodelvy; $3bn Evenity; $2bn Reblozyl; $3bn Venclexta; $3bn Rybelsus Gardasil $7bn T
Slide 19: With so Much Firepower, M&A Likely to Continue
HBM Healthcare Investments With so Much Firepower, M&A Likely to Continue Pharma capacity available Cash, debt or capacity in $bn 90 Post $4bn Daiichi upfront Additional Debt 80 $76 Cash $73 Post $7bn TL1A & $2.7bn Carmot 70 Post $4.1bn RYZB, $65 Post $10bn IMGN $14bn KRTX Post €2.7bn MOR & $8.7bn C
Slide 20: Investment Portfolio
Investment Portfolio 20
Slide 21: A Global Portfolio
HBM Healthcare Investments A Global Portfolio Vicore ArriVent Biopharma BioInvent Zymeworks Valo Health Biohaven Merus Curevo River Renal Y-mabs Argenx Mineralys Upstream Bio Swixx BioPharma / Swixx Healthcare Shape Memory NiKang Harmony Biosciences Numab DrenBio Travere Odyssey Axsome Therapeutics
Slide 22: Asset Allocation
HBM Healthcare Investments Asset Allocation in CHF million Cash, net 4%; 66 Public Equity 23%; 400 Public from Private Equity 26%; 470 Private Equity 35%; 617 Private Equity Funds 10%; 175 Other Assets 2%; 45 Other Liabilities -2%; -29 Financial Debt -6%; -99 -400 -200 0 200 400 600 800 Data as of 3
Slide 23: Diversified Investment Portfolio
HBM Healthcare Investments Diversified Investment Portfolio One Source Specialty Pharma 0.6% Fore Biotherapeutics 0.6% Cure Everlife Holdings 0.7% Asset Allocation Curevo 0.7% Shape Memory Medical in % total assets 0.7% Y-mAbs Therapeutics 0.7% Odyssey Therapeutics 0.8% Other Assets; 2% River Renal
Slide 24: Portfolio Breakdown by Market Cap, Geography and Currency
HBM Healthcare Portfolio Breakdown Investments by Market Cap, Geography and Currency Market Capitalisation Geography Currency Others > CHF 10 billion 5% CHF 3% 4% INR Europe CHF 2-10 Asia 7% 24% billion 30% 22% CNY 13% USD 58% < CHF 2 billion EUR 15% 73% America 46% Data as of 31 March 2025, in % of
Slide 25: Portfolio Breakdown by Sector, Therapy and Development Stage
HBM Healthcare Portfolio Breakdown Investments by Sector, Therapy and Development Stage Sector Breakdown Therapeutic Area Development Stage Medtech / Pre-Clinical Medical Devices & Diagnostics 2% Diagnostics 4% Digital health 4% 5% Orphan Phase I diseases 6% 5% Others 30% Immunology / Phase II Infla
Slide 26: Development of Asset Allocation
HBM Healthcare Investments Development of Asset Allocation 3’200 Public Equity Public from Private Equity Private companies Private Funds 2’800 Other assets Cash Financial Liabilities Other liabilities 332.2 CHFm 2’400 Cum. Dividend Cum. Share Buy-Back 2’000 623.6 CHFm 4% 2% 1’600 10% 1’200 35% 800
Slide 27: Development Stage of Lead Product
HBM Healthcare Investments Development Stage of Lead Product 100% 2% 5% 21% 80% 9% 60% 40% 63% 20% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Product(s) on the market and/or profitable Phase III Phase II Phase I Preclinical Data as of the end of
Slide 28: Portfolio by Development Stage of Lead Asset
HBM Healthcare Investments Portfolio by Development Stage of Lead Asset Well balanced portfolio from a risk perspective HBM book value in CHF m 110 230 Public Equity 100 220 Public from Private Equity Private Equity 90 210 80 70 60 50 40 30 20 10 0 Phase I / Preclinical Phase II Phase III Market Pro
Slide 29: Largest Investments (1/2)
HBM Healthcare Investments Largest Investments (1/2) Market Book % of Company Capitalisation Owner- Value Total Company Core Business Stage Ticker (CHF m) ship (%) (CHF m) Assets Synthetic biology (long chain Profitable 688065 CH 3’575 6.1 218.41) 12.3 diacids, carbohydrates, special (ex private) en
Slide 30: Largest Investments (2/2)
HBM Healthcare Investments Largest Investments (2/2) Market Book % of Company Capitalisation Owner- Value Total Company Core Business Stage Ticker (CHF m) ship (%) (CHF m) Assets Bispecific antibody-based Phase III MRUS 2’567 1.3 34.1 1.9 therapeutics for oncology Contract research, development, Mar
Slide 31: Largest Private Equity Investments
HBM Healthcare Investments Largest Private Equity Investments 210 Swixx BioPharma 22 NiKang − Full representation services for pharma/biotech in CEE, Eurasia, − Developing small molecules for oncology capitalizing on Latam and MENA structure-based drug design. NKT2152 is a HIF2α inhibitor. − Profita
Slide 32: Largest Public Equity Investments
HBM Healthcare Investments Largest Public Equity Investments 218 Cathay Biotech 21 Biohaven − Synthetic biology company: long-chain dicarboxylic acids / bio- − Development stage biotech company with a broad pipeline based diamine 5 & bio-based polyamide / polyesteramide spanning multiple disease are
Slide 33: Strategic Fund Investments
HBM Healthcare Investments Strategic Fund Investments Sector Focus (Early Stage Genomics and Medical Devices) Geographic Focus (China and India) HBM Genomics 6 Dimension Capital Vintage: 2018 | Commitment: $25 m | TVPI 1.9x | Ownership: 5% Vintage: 2015 | Commitment: $22 m | TVPI 1.8x | Ownership: 1
Slide 34: Latest IPOs from Private Equity Portfolio
HBM Healthcare Investments Latest IPOs from Private Equity Portfolio $ Amount Invested Multiple to IPO $ Amount Post IPO Performance Company Year of IPO Private Price Invested at IPO (until end of Period or Sale) Visen Pharmaceuticals 2025 7.5 0.80x 0.0 -35% OneSource 2025 9.3 1.34x 0.0 10% Sai Life
Slide 35: Contribution to Net Asset Value
HBM Healthcare Investments Contribution to Net Asset Value Private and Ex Private Equity Positions Account for a Majority of Contribution NAV change per year 70% 60% 50% 40% 30% 20% 10% 1.5% 4.0% 0% -1.0% -1.6% -10% -20% 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Private
Slide 36: Case Studies HBM Portfolio Companies
Case Studies HBM Portfolio Companies 36
Slide 37: Swixx BioPharma: Company Profile and Investment Rationale
Company Profile − Swixx BioPharma is representing small and mid-sized biopharma and established pharmaceutical companies in those regions and countries where such firms choose not to enter, or plan to exit. Swixx Biopharma has a very strong position in Central and Eastern Europe (CEE) and Eurasia an
Slide 38: Dren Bio: Company Profile and Investment Rationale
Company Profile − Discovery and development platform company for antibody-based therapies eliminating disease- causing cells in cancer and immunology/inflammation. − Based in Foster City, California, USA. − Founded and led by a team of experienced executives who previously worked at biotech companie
Slide 39: Numab: Company Profile and Investment Rationale
Company Profile − Discovery and development platform company for multi-specific antibody-based immunotherapies for inflammation and cancer. Based in Horgen (Zurich/Switzerland). − Founded by a team of Swiss scientists - many ex-Esbatech (HBM investment acquired by Alcon/Novartis for up to $589 milli
Slide 40: Sai Life Sciences: Company Profile and Investment Rationale
Company Profile − India based pharma contract research and manufacturing organisation (CDMO) in small molecules, peptides and oligos (non-biologics) − Founded in 1999 by an entrepreneur family, and evolved into the unique positioning of top tier ‘innovation-only’ developer of intermediates and APIs
Slide 41: Merus: Company Profile and Investment Rationale
Company Profile − Merus is a public, clinical-stage biopharmaceutical company developing novel therapies for the treatment of cancer Investment Rationale - Market cap: $2.9 billion (listed on US − Lead program petosemtamab is a bispecific targeting EGFR and LGR5 in 1L and 2L head & neck cancer has s
Slide 42: ArriVent: Company Profile and Investment Rationale
Company Profile − Arrivent Bio is a public, clinical-stage biopharmaceutical company developing novel therapies for the treatment of lung cancer - Invested before IPO: USD 12.0 million for Investment Rationale 3.0% ownership; invested additional USD 6.8 − Exon 20 and atypical mutation EGFR mutated N
Slide 43: Biohaven: Company Profile and Investment Rationale
Company Profile − Founded in 2013, parts of Biohaven Pharmaceutical’s pre-clinical (CGRP) assets and its commercial product NURTEC (chronic and acute migraine) were sold to Pfizer in 2022 − Acquisition by Pfizer for nearly $11.6 billion - Market cap: $2.5 billion (listed on NYSE) − The remaining ass
Slide 44: Positions in Emerging Category Leaders (public)
HBM Healthcare Investments Positions in Emerging Category Leaders (public) (ex private) (ex private) Book value: CHF 63.0m, shareholding: 3.8% Book value: CHF 26.9m, shareholding: 2.9% Book value: CHF 13.7m, shareholding: 4.7% ▪ Commercial stage biopharma company ▪ Late-stage clinical company target
Slide 45: Healthcare & Biopharma Market Outlook
HBM Healthcare Investments Healthcare & Biopharma Market Outlook The sector has experienced significant volatility so far in 2025, as the US administration weighs tariffs for pharmaceuticals and cuts funding for federal health agencies. We believe the market is underappreciating the value of innovat
Slide 46: Main Catalysts for HBM Public Portfolio Co's
HBM Healthcare Investments Main Catalysts for HBM Public Portfolio Co’s Company Therapeutic area Phase Description of catalyst Oncology Ib Firmonertinib: proof-of-concept data in PACC EGFRm (NSCLC) & regulatory path to registration Oncology III Firmonertinib in EGFR 1L Exon 20 Insertion Mutations in
Slide 47: Expected Catalysts of Public Companies
HBM Healthcare Investments Expected Catalysts of Public Companies Phase I Phase II Phase III Approval Firmonertinib: proof-of- Phase I update for AXS-05, concept data in PACC combination of Ziftomenib detailed data Obefazimod, ulcerative Troriluzole 1st phase III Phase II OLE data update dextrometho
Slide 48: Reasons to Invest
HBM Healthcare Investments Reasons to Invest − Access to a well-diversified portfolio of private and listed healthcare companies with value increasing potential − Experienced investment team with specialized sector expertise and proven 1. Investment in the track record innovation and the growth of t
Slide 49: Appendix
Appendix 49
Slide 50: Investor Informationen
HBM Healthcare Investments Investor Informationen Share Information Largest shareholders Swiss security number 1.262.725 % Shareholder Notification German security number 984345 15-20 Nogra SA, Luxemburg 9.11.2016 ISIN CH0012627250 CUSIP H 3553X112 Distribution policy Telekurs 126,126272 Distributio
Slide 51: Board of Directors
HBM Healthcare Investments Board of Directors Hans Peter Hasler (2009) Mario G. Giuliani (2012) Dr Elaine V. Jones (2021) Chairman Member Member Swiss Federal Commercial Diploma. Economist. Executive positions and Ph.D. in Microbiology. Formerly various Various international management directorships
Slide 52: Management
HBM Healthcare Investments Management Dr Andreas Wicki (2001) Erwin Troxler (2005) Jean-Marc Lesieur (2001) CEO CFO Managing Director HBM Cayman Economist and Swiss Certified Associate of the Chartered Institute of Doctorate in chemistry and Accountant. Bankers (ACIB trustee), a member of the bioche
Slide 53: Private Equity Team
HBM Healthcare Investments Private Equity Team Dr Alexander Asam, MBA (2007) Dr Priyanka Belawat (2007) Dr Emil Bujak, CFA (2015) Investment Advisor Investment Advisor Advisor to HBM Partners MBA from ASTON Business School, PhD in molecular biology and genetics from PhD and MSc in Medicinal and Indu
Slide 54: Public Equity Team
HBM Healthcare Investments Public Equity Team Miranda Guo (2020) Mirjam Heeb (2019) Thomas Heimann (2010) Investment Advisor (Hong Kong) Investment Advisor Head Operations & Investment MSc in Biomedical Engineering from the MSc in Molecular Biology from the Solutions Chinese University of HongKong.
Slide 55: Disclaimer
HBM Healthcare Investments Disclaimer Marketing Material - for information purposes only This document constitutes marketing material and is intended to be for information purposes only. The material is not intended as an offer or recommendation for the purchase or sale of any HBM financial instrume
Slide 56: Contact Information
HBM Healthcare Investments Contact Information HBM Healthcare Investments Ltd Bundesplatz 1 6301 Zug Switzerland Phone +41 41 710 75 77 Fax +41 41 710 75 78 investor.relations@hbmhealthcare.com www.hbmhealthcare.com 56
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